Do You Know The Corporate Tax Rate In Your State? Click Here To Find Out
The Tax Foundation, a nonpartisan think tank based in Washington, D.C., has published a reported that gives an overview of the corporate tax rates in all 50 states. Did you know that:
- 44 states levy a corporate income tax. The highest corporate rate is in Iowa (12 percent) while the lowest is in North Carolina (three percent).
- Six states (Alaska, Illinois, Iowa, Minnesota, New Jersey, and Pennsylvania, and the District of Columbia) levy top marginal corporate income tax rates of nine percent or higher.
- Seven states (Arizona, Colorado, Mississippi, North Carolina, North Dakota, South Carolina, and Utah) have top rates at or below five percent.
- Nevada, Ohio, Texas, and Washington impose gross receipts taxes instead of corporate income taxes.
- South Dakota and Wyoming are the only states that do not levy a corporate income or gross receipts tax.
Click here to learn more.